Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Axis Bank is among the top banks in the country offering a wide range of products to its customers all over the country. Among the top products offered by the bank, credit cards are among the most popular.
Along with a wide range of features and benefits which an Axis Bank Credit Card comes with, it also comes with an interest rate added to the credit amount due if not paid within the due date.
An interest rate is a fee charged by your credit card provider on the amount you borrowed using your card. However, you will be charged an interest rate only if you haven’t paid the total outstanding bill amount within the due date or the interest-free period, whichever is applicable. Currently, Axis Bank charges an interest rate of up to 3.6% per month which is 52.86% per annum.
However, if you clear the total outstanding balance within the due date, you do not have to pay an additional fee. That is the best thing about credit cards. But, if you are someone who cannot pay the total amount within the due date, it is very important for you to know about the interest rate and how it is calculated.
For example: If the monthly interest rate charged by your credit card provider is 13%, the formula used to calculate the interest rate you land up paying on an average daily balance method is as follows:
Interest Rate = [(Total Outstanding Amount x 13% per month x 12 months) X number of days] / 365 days.
| Axis Bank Credit Card Variant | Overdue Interest on Extended Credit | Interest on Cash Advances | ||
|---|---|---|---|---|
| Monthly Rate of Interest | Annual Rate of Interest | Monthly Rate of Interest | Annual Rate of Interest | |
| Burgundy Private Credit Card | 1.5% per month | 19.56% per annum | 1.5% per month | 19.56% per annum |
| Pride Platinum Credit Card | 2.95% per month | 41.75% per annum | 2.95% per month | 41.75% per annum |
| Pride Signature Credit Card | 2.95% per month | 41.75% per annum | 2.95% per month | 41.75% per annum |
| Privilege Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Select Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Axis Bank Atlas Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Miles & More Axis Bank World Select Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Miles & More Axis Bank World Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| My Zone Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| My Choice Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| My Wings Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Axis Bank Vistara Signature Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Axis Bank Vistara Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Platinum Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Titanium Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Neo Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Axis Bank Buzz Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Visa Gold Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Visa Silver Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Indian Oil Axis Bank Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Axis Bank Vistara Infinite Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Aura Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| LIC Credit Cards | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Rewards Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| KWIK Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Reserve Credit Card | 3.0% per month | 42.58% per annum | 3.0% per month | 42.58% per annum |
| Magnus Credit Card | 3.0% per month | 42.58% per annum | 3.0% per month | 42.58% per annum |
| Flipkart Axis Bank Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Flipkart Axis Bank Super Elite Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Axis Bank Freecharge Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Axis Bank Freecharge Plus Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Ace Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Airtel Axis Bank Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Spicejet Axis Bank Voyage Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Spicejet Axis Bank Voyage Black Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Samsung Axis Bank Signature Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Samsung Axis Bank Infinite Credit Card | 3.6% per month | 52.86% per annum | 3.6% per month | 52.86% per annum |
| Secured Gold Credit Card | 3.4% per month | 49.36% per annum | 3.4% per month | 49.36% per annum |
| Secured Silver Credit Card | 3.4% per month | 49.36% per annum | 3.4% per month | 49.36% per annum |
| Platinum Secured Credit Card | 3.4% per month | 49.36% per annum | 3.4% per month | 49.36% per annum |
| Insta Easy Credit Card | 3.4% per month | 49.36% per annum | 3.4% per month | 49.36% per annum |
| My Zone Easy Credit Card | 3.4% per month | 49.36% per annum | 3.4% per month | 49.36% per annum |
| Privilege Easy Credit Card | 3.4% per month | 49.36% per annum | 3.4% per month | 49.36% per annum |
| Axis Bank Flipkart Secured Credit Card | 3.4% per month | 49.36% per annum | 3.4% per month | 49.36% per annum |
| Indian Oil Axis Bank Easy Credit Card | 3.4% per month | 49.36% per annum | 3.4% per month | 49.36% per annum |
Apart from not paying the total due amount within the due date, there are many other activities or transaction on your card that attracts interest rates. Some of them are as follows:
Axis Bank offers an interest-free period that ranges from 20 to 50 days depending on the date of the transaction. This feature is applicable only if your previous month’s balance is paid in full. If you make the total outstanding balance within the interest-free period, you will not be charged anything additional. Which means that you have enjoyed the credit facility at a 0% rate.
Example for grace period:
Let us assume that the payment due date is on 2 July 2023, and if the previous month's dues have been paid in full-
Interest-free period for a purchase on 16 May 2023 is 16 May 2023 to 2 July 2023: 47 days.
For a purchase on 15 June 2023, the interest-free period is 15 June 2023 to 2 July 2023 = 17 days.
If only a part of the payment has been made, there will be no interest-free period and interest charges applicable.
If you have not paid the total due amount within your due date, the interest rate will be charged on the total due amount from the transaction date till all the previous balance is paid in full.
On all cash advances, Axis Bank charges the monthly interest rate from the date of withdrawal till the amount is paid in full. Please refer to the table above to know the monthly interest rate on your Axis Bank credit card.
If you default on your credit card payments, Axis Bank will get in touch with you and remind you to make your payment. If you aren't able to pay the minimum due amount, your credit card will be blocked. Axis Bank has the right to report you to the Credit Information bureaus which will negatively affect your credit score.
You can reach the Axis Bank credit card customer service department by dialling 1800 209 5577 or 1800 103 5577. These numbers are accessible from any landline or mobile phone in India. You can dial +91 - 22-27648000 if you are calling from outside India. Alternatively, you can write to premium.cards@axisbank.com or visit https://application.axisbank.com/webforms/axis-support/index.aspx for more assistance.
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